This is an original, Pattern 1901 Naval Accoutrements Pistol Catridge Pouch, maker marked and dated 1941.
The WW1 patterns had bullet loops on the flap but the WW2 versions do not like this one.
To the top at the rear it is nicely maker marked, "B.H.G." which is the firm Barrowm Hepburn and Gale, and is also nicely dated '1941'
In superb condition.